London Block Exchange, a leading UK based crypto provider is alleged to be pairing up with a new UK based bank, ClearBank.
ClearBank is the UK’s first modern clearing bank and aims to create new standards for market competition and transparency. Through ClearBank, customers are able to make payments faster in the most cost-efficient way. ClearBank provide services for agency baking, transaction banking, electronic payments, card issuing, liquidity management and identity services.
You can find out more about ClearBank, here- https://www.clear.bank/
According to Reuters, two officials close to the matter have confirmed that the London Block Exchange and ClearBank will be pairing up, in order to spearhead a new convergence between the cryptocurrency
exchange and the clearing bank format. According to Reuters, one source said:
“This will make it easier for British customers of the exchange to buy and sell cryptocurrencies by making transactions faster and cheaper.”
If this news is indeed true, this will mark the first time a lender has struck a deal with a cryptocurrency-based entity
. Often traditional lenders refuse to work with companies affiliated with the blockchain
through fears of money laundering and regulatory concerns that so often arise around blockchain firms. Through this partnership, ClearBank will be the first company to see above that, joining up with a company in the London Block Exchange that could perhaps start to provide crypto-lending services.
Whilst this might sound like a tricky area to navigate, the implications for ClearBank and the London Block Exchange that a crypto-lending service could bring are actually quite incredible.
This is also very exciting for the United Kingdom and marks an occasion that could really boost the popularity of the London Block Exchange, not just in the UK but worldwide. Moreover, ClearBank will no doubt benefit from this. As a start-up, they are in need of as much exposure as they can get and therefore, popping up within the crypto-press can only be a good thing for them.
For now, it seems as if both companies; ClearBank and the London Block Exchange have declined to comment, suggesting that there are still intricacies to confirm within the deal that need to be sorted out first. Of course, if the deal does go ahead, an official announcement will not have a sudden impact on any of the above, but, what it will signal is the start of a very new campaign and a very new project within the UK based crypto-community. That’s an exciting concept.
You can see the full report from Reuters for yourself, here-